Also in WSJ.com:

The Experts: Wealth Management

As part of an expanded Web presence for the Journal Reports, we have launched The Experts—an exclusive group of industry and thought leaders who will engage in in-depth online discussions of topics raised in this month’s Investing in Funds & ETFs Report and future Reports.

The Experts will interact with each other in a number of exciting new ways, including through a video chat on how to deal with market turmoil and short online posts on questions related to our newest Report here in this stream. The stream is meant to function like a conversation, flowing between participants.

Arecent article discussed some good news for some retirees: That IRA payouts may avoid state income tax. But saving for retirement is still full of possible pitfalls, so we asked The Experts this question: What do you think is the biggest mistake people make with their 401(k)s?

Read through the stream to find out what The Experts have to say and email TheExperts@wsj.comif you would like to add your own thoughts or if you have a question you’d like to ask The Experts. We will be posting some reader questions as part of the discussion.

Greg McBride: Prepare Financially for Rainy Days

What financial advice would you give to young people just starting to make money?

Build an emergency savings cushion! Nothing helps you sleep better at night than knowing you have money tucked away for a rainy day. Having that money stashed away is a great stress reliever the next time an unplanned expense arises, or even for those surprise opportunities like your friend’s destination wedding in Maui. The best way to get this habit started is by having money directly deposited from your paycheck into a dedicated savings account. And this is not a temporary habit, but rather a lifelong habit. As your expenses grow in the years to come, so too will your need for an ever-larger savings cushion.

Greg McBride (@BankrateGreg) is a senior financial analyst and vice president for Bankrate.com, providing analysis and advice on personal finance.